World demand to rise 3.6% annually through 2015
World demand for major household appliances (white goods) is forecast to rise 3.6 percent annually through 2015, exceeding 400 million units. The bedrock US market will show strong recovery from recent declines, benefitting from improved macroeconomic factors. Housing starts are expected to recover by 2015, boosting demand as a matter of course. In addition, consumer confidence is expected to rebound, encouraging consumers to trade up to newer and improved equipment. Gains are expected to be more modest in other developed nations.
India to be fastest growing market
India will be the world's fastest growing market, benefitting from rising standards of living, which will spur first-time appliance ownership. Growth in China, the world's largest market, will slow significantly based on growing rates of ownership. However, the country will still provide above-average gains in demand through 2015 due to rising use in rural areas. Advances in Western Europe will benefit from strong growth in the number of new housing units, but will lag the overall global average.
Production to continue shifting to developing areas
China is the world's largest supplier of white goods, nearly tripling production from 2000 to 2010. Multinational producers are expected to continue shifting production to developing areas to reduce costs, which enables lower-priced goods to be offered in these nations. China is expected to benefit from this trend, although other Asian nations will see growth as well.
New technology to continue shaping premium products
Technology will continue to be a key factor in the industry. For example, some suppliers are targeting the lucrative European market with internet-connected and automatically controlled equipment. Asian suppliers such as LG Electronics may especially benefit, since consumer familiarity with these companies' electronics brands will provide opportunities for market penetration. Even in developing areas, manufacturers are turning to premium products to increase profit margins. However, manufacturers will continue to produce less-advanced products that are designed for lower income consumers, especially in developing nations.
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